Minister of Trade and Industry Tarek Qabil has asserted that Egypt and Saudi Arabia are bound by strategic ties based on deep-rooted economic, political and social relations.

In a meeting with Saudi Minister of Trade Maged al Qubaisi, currently visiting Egypt as part of the entourage that accompanies Saudi Crown Prince Mohamed Bin Salman during his visit to Cairo, Qabil said the exchange of visits by the political leaderships of the two countries represents a cornerstone for developing common ties.

Qabil said Bin Salman's visit to Cairo paves the way for launching a new phase of economic relations between the two countries.

The special relationship between the two countries has reflected on joint trade and investments, he said.

Last year, trade exchange between the two countries reached 2.6 billion dollars, he said.

He said Bin Salman's talks in Cairo dealt with means to develop trade relations between the two countries, eliminate obstacles that hinder trade relations and facilitate investments in the two countries, pointing out that the joint Egyptian Saudi ministerial committee will meet in Riyadh in the second half of 2018.

He said Saudi investments in Egypt hit 6.1 billion dollars representing 11 percent of total foreign investments and 27 percent of Arab investments in Egypt.